Real Estate Vocabulary Ch. 5-8

an illegal division of territories to avoid competition

law that prohibits price fixing and tie-in agreements

the common law doctrine of let the buyer beware

a form of compensation computed as a percentage of the total sales price of a property

a person who is licensed only to perform real estate activities on behalf of a broker

the business of bringing parties together

licensees who work under the terms of a written contract and receive more than 90% of their income from sales production rather than hours worked

the device by which a state licensing authority defines and enforces the statutory law

a salesperson whose activities are closely controlled, and who is entitled to benefits, unemployment compensation, and income tax withhollding

a person who is prepared to buy on the seller's terms

an individual who is licensed to buy, sell, exchange, or lease property for others, and to charge a fee for those services

the broker who starts an uninterrupted chain of events that results in the sale of a property

a conspiracy by 2 or more businesses against another

statutes enacted by state legislatures to protect the public and ensure a standard of competence in the real estate industry

company held by a single owner

an employment contract where the broker is employed as a purchaser's agent to find a suitable property

a part of a listing agreement that stipulates that the property owner will pay the listing broker a commission if the broker was the procuring cause of a sale that is completed after the listing expired

a listing agreement with a single broker, under which the seller retains the right to sell the property independently without being obligated to pay a commission

an optional item in the listing contract that protects the buyer against the expense of certain types of repairs (such as plumbing, electrical, and heating systems) after the sale is completed

a listing agreement under which the seller must pay the broker a commission regardless of who sells the property

an employment contract for a broker's services for a property seller

a marketing organization whose broker members make their own exclusive listing available to other brokers

a listing agreement in which the seller receives a specific dollar amount from the sales price, and the selling broker retains the balance as compensation

an item in a listing agreement that states the broker and seller agree not to sue one another for any incorrect information supplied by one to the other

a listing agreement in which the seller may employ multiple brokers, retains the right to market the property independently, and is obligated to compensate only the broker who produces a buyer, if any

the process by which the government exercises its right of eminent domain

an estate qualified by some action or activity that must or must not be performed

the right of a government to acquire privately owned real estate for public use

the automatic transfer of real property to the state when the owner dies without heirs or a will

the degree, quantity, nature, and extent of an owner's interest in real property

the highest interest in real estate recognized by law

a class of estates in land that lasts for an indeterminable period of time

a class of estates in land for which the length of time can be determined

a state's ability to enact legislation to preserve order, protect the public health and safety, and promote the general welfare

a charge imposed on real estate to raise funding for government services

a private agreement that affects the use of land

the doctrine that the right to use any water, with the exception of limited domestic uses, is held and controlled by the state

all or part of a structure that extends beyond the land of its owner or beyond legal building lines

any claim, charge, or liability that attaches to real estate

a legal life estate in which an individual's primary residence is protected, in whole or in part, against certain creditors

the right to use another's land for a particular purpose

an estate based on the lifetime of a person other than the life tenant

a charge against property that provides security for a debt or obligation of the property owner

the owner's right to retake possession of property through legal action if a limiting condition is broken

the person to whom property passes when a life estate ends

a form of property ownership in which owners hold undivided fractional interests that are inheritable by their heirs

the governing body of a cooperative

a legal method for dissolving a co-ownership

an association of 2 or more persons who carry on a business for profit as co-owners

the evidence of the right to occupy a unit in a cooperative

the ownership of real estate by one individual

a special form of co-ownership for married couples

the governing body of a cooperative

a device by which one person transfers ownership of property to someone else to hold or manage for the benefit of a third party

a form of trust established by will after the owner's death

special payments required for condominium unit owners to address specific expenses

recurring fees required of condominium units owners to cover basic maintenance and operations

a business organization that is a legal entity managed and operated by a board of directors

a business organization in which all members participate in the operation and management of the business and share full liability for business losses and obligations

on the death of a joint tenant, the deceased's interest tranfers directly to the remaining joint tenants

a business organization that combines the tax advantages of limited partnerships and the limited liability of corporations

in a community property state, real or personal property that was owned solely by either spouse prior to marriage, or acquired by inheritance or gift during the marriage

a fee interest in a property that entitles the owner to use the facility for a certain period of time

a contract right under which a developer retains ownership of property and the purchaser receives the right to occupy and use the facilities for a certain period